Some Indian Policy Maker seems unhappy with the UPI market Dominance of PhonePe and Google Pay

The Unified Payments Interface (UPI), one of the Indian government’s most successful programs, has made sending and receiving money quite simply. In the UPI market, PhonePe and Google Pay have emerged as the top competitors, accounting for more than 80% of monthly transactions in the nation.

Numerous MPs from various parties, including the ruling Bharatiya Janata Party (BJP), are preparing to bring up the issue of the duopoly being formed by PhonePe and Google Pay, according to a report by the Economic Times.

PhonePe
credit: businessinsider

Even though there are more than 50 third-party UPI apps, PhonePe and Google Pay account for more than 81 and 84 percent of the volume and value of transactions, respectively. The fact that foreign entities possess key participants is another topic that is anticipated to be brought up by the members during the next monsoon session of the parliament and sessions of pertinent parliamentary panels.

PhonePe is owned by Walmart, and Google Pay is owned by the search engine giant.

Amazon Pay, which is a popular UPI app that is owned by Amazon, is another. For third-party apps like PhonePe, Google Pay, Paytm, and others, the National Payments Corporation of India (NPCI), the regulatory agency that oversees UPI operations, had previously imposed restrictions that required no one third-party app to have more than 30% of the market share.

PhonePe
credit: businessinsider

The NPCI’s rules will be put into effect starting in January 2023. PhonePe and Google Pay, however, are reportedly pushing for a deadline extension since they won’t be able to meet the market share quota.

also read:

PlayStation 5 License SSDs: Sony and Western Digital reveal the first officially licensed SSDs

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More like this

Top 10 Most Popular International Cricket Teams on Social Media

Top Popular International Cricket Teams on Social Media 2025

Top Popular International Cricket Teams on Social Media: The cricket-playing nations across the world have die-hard fans...
India’s Bold Vision: 5,000 Unicorns in the Future – Piyush Goyal

India’s Bold Vision: 5,000 Unicorns in the Future –...

India has emerged as a global powerhouse for startups, with a thriving ecosystem that fosters innovation, entrepreneurship,...
ICC ODI World Cup: Top 5 Highest Score in World Cup history - all the details you need to know about!

ICC ODI World Cup: Top 5 Highest Score in...

The ICC Men's Cricket World Cup has been a stage for cricketing excellence ever since it...
Brazil Legends Edge India All-Stars 2-1 in a Night of Football Nostalgia

Brazil Legends Edge India All-Stars 2-1 in a Night...

Football fans in Chennai were treated to an electrifying evening as the Brazil Legends secured a narrow...
How to Delete GPay Transaction History: The Secret Method That Works

How to Delete GPay Transaction History: The Secret Method...

How to Delete GPay Transaction History: Do you know how much of your money trail sits in...

LATEST NEWS

Eid 2025 Party Playlist: Top Bollywood Songs to Make Your Celebration Unforgettable

Eid 2025 Party Playlist: Eid, the festival of joy, togetherness, and delicious food, is finally here! While families gather for grand feasts and sweet...

Top 13 Turkish Actresses: Beauty, Talent, and Fame Unveiled

Top 13 Turkish Actresses List! Hey there, entertainment enthusiasts! Ready to dive into the dazzling world of Turkish cinema and television? Buckle up, because we’re...

Pakistani ‘Elon Musk Khan’ Doppelganger Goes Viral, Internet Can’t Stop Laughing

Imagine casually scrolling through your social media feed and coming across a video that makes you do a double take—because, for a moment, you...

Ultimate Guide to Roblox Blox Fruits Redeem Codes (April 2025)

Roblox Blox Fruits Redeem Codes ! Ahoy, fellow adventurers! Ready to set sail on the high seas of Roblox Blox Fruits and claim some treasure?...

Featured